“A budget tells us what we can't afford, but it doesn't keep us from buying it.” – William Feather
People make purchases and decisions based on different reasons with one thing in common – emotions. In today’s episode, I wanted to talk about what motivates people to buy from you. People wonder why people do not buy from them at first encounter. There are two main reasons: they need to know, like, and trust you and that can take 5-12 touches (times of contact – email, phone, in-person, and they need to know how what you sell will benefit them. Your product may have all the bells and whistles but if it does not have what someone needs, it is meaningless. Think about the advertising and marketing that you see online, in magazines, commercials, or billboards – they are selling the feeling. A feeling that they hope you will have when you experience their product or service.
Let’s turn the radio dial or tunes to WIIIFM. What is in it for me? Now that’s where you need to be targeting your marketing to. People want to what is in it for them – bottom-line. There is an emotional need that goes deeper than what it does.
Here are reasons that motivate people to buy:
Basic Needs: We are driven to fulfill basic needs for survival – food, water, shelter,
Testimonials, endorsements, and referrals. Word of mouth marketing is one of the most powerful methods that influences purchasing. When someone provides social proof, or refers you to others based on their experience with you, you have earn credibility without even meeting the person. The belief is that if you worked with them and you did a great job, why would I look for anyone else if they were satisfied with the work.
Fads and Trends. People buy the latest and greatest items because they need to have it, because everyone else has it.
Self-Expression. Some people buy certain items or alter their look to express themselves. They may colour their blue because it is their favorite colour. They may wear two different socks just because they want to.
Convenience. Some people buy items because they are readily available even though they may find it cheaper 5 kilometers or miles away.
Core Values. If you have alignment with someone with similar core values, you may feel more compelled to do business with them.
Scarcity. People make purchases when they are a rare find like an antique or collectible.
Prestige. People buy things because it makes them appear wealthy or of high class.
Emotional Vacuum. Sometimes people will buy things to replace things they cannot have and never will.
Loyalty to the Brand. Some people will continue to buy from people or places because they love the product, service, or person because they are loyal to the brand – it has served them well.
Replacements or Stay Current. Overtime, things may get old or damaged and will need replacing. Stay current can keep you up to date what is the latest and greatest ideas or gadgets.
Peer Pressure. You may be pressured by family, friends, or colleagues to buy something that they have. For instance, if your friend had a camping trailer they may encourage you to get a camping trailer so you may go camping together.
Standard Purchase. A standard purchase is an expected purchase such as books for a course. Everyone who is enrolled in the course needs to buy it.
Guilt. Some people will buy things because they feel guilty for not being present so they may purchase something to substitute for their not being present or a offer of forgiveness.
Help Others Out. People sometimes feel compelled to make a purchase to help people out. A great example of this is fundraising. People want to help out.
Indulge. Sometimes we just want to treat ourselves with some...